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Helping Independent Agents Gain Market Share

Author: Asa Pike, President and CEO of Agency Revenue Tools, LLC

pike asa 150x150 Helping Independent Agents Gain Market ShareIn the current difficult economy, the commercial insurance market will continue to shrink for the next year or so. Independent insurance agents and brokers will get squeezed at every turn, as the basis of premium the customer pays the insurer is shrinking:

  • Commercial premiums, and commission revenues, won’t harden any time soon.
  • Workers compensation audits will result in lower receipts and payroll, and in turn lower premiums or even returned premium.
  • With inventories reduced, lower replacement-cost property premiums will be charged.
  • Business auto policies, based on size and type of fleets that employers have been
    running, will be cut back.
  • Many of those agencies that rely heavily on commercial commission revenue are
    already seeing business clients actually closing their doors, a trend that experts tell us
    will grow until an effective economic reset can be accomplished.
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